BBPS bill payments jump 90% in 8 months

The value of bills paid on the BBPS platform jumped about 46% to Rs 2,690 crore in December from Rs 1,843 crore in AprilPratik Bhakta | ETtech | March 06, 2018, 09:13 IST

The Bharat Bill Payment System (BBPS) nearly doubled the number of bills paid through the platform in December 2017 to 19 million transactions from 10 million in April, when the pilot was launched.

Professional services firm KPMG has highlighted this in a report on BBPS, which is touted to become a one-stop bill payment solution for Indian consumers, the initial achievements of the platform and its potential given that it has already integrated 60 billers.

The value of bills paid on the platform jumped about 46% to Rs 2,690 crore in December from Rs 1,843 crore in April. This was, however, still a very small share of the overall bill payments market, which is projected to grow to Rs 9.4 lakh crore by 2020 from Rs 5.8 lakh crore in 2016.

National Payments Corporation of India data suggests that 99% of the transactions were successful, and only 0.14% disputed.

The report shows that in terms of volume the share of transactions done for telecom postpaid bills stands at 46.8%, followed by DTH (direct-to-home) at 32% and electricity at 19.4%. In terms of the value of bills paid, electricity was ahead of all other sectors, at 54.7%.

Highlighting the potential of the system to make it easier for consumers to pay their bills, the report said that while on one side migrant workers can just walk up to retailers and make payments for any bills from across the country, tech-savvy consumers can now use their banking platform to pay bills from any service provider.